A new fintech business which I was introduced to earlier this year. How To Use Currensea Card At Atm…
It has won a few awards over current months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your bank account– simply without the normal 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are likewise some interesting travel benefits if you choose a paid strategy, but the complimentary plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competition
include increasingly more functions which your existing customers do not truly want or need
include charges, constraints or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Use Currensea Card At Atm
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notice through the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (typically in a various language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and an excellent app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about running out of money and the additional step. That does not indicate it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make profits from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be found on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on transactions.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. How To Use Currensea Card At Atm